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Lachlan Murdoch grabs 50% of DMG Radio

Lachlan Murdoch's private investment company, Illyria, will acquire 50 per cent of DMG Radio Australia after what he describes as an exhaustive search for the right transaction.

Mr Murdoch will become chairman of a new joint venture company overseeing the operation, DMG Radio Australia's parent company Daily Mail and General Trust plc (DMGT) said in a statement on Thursday.

Mr Murdoch said he hoped to explore new growth opportunities within the business and also in related media.

"Patience is a virtue, and after exhaustively searching the market for the right acquisition, we have found in DMG Radio Australia the right business, the right partner and the right brands, which are positioned for exemplary growth," Mr Murdoch said.

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"The skills we have in-house at Illyria will complement the strengths of DMG Radio Australia."

DMG Radio Australia owns the Nova FM radio stations in Sydney, Melbourne, Brisbane, Adelaide and Perth and the Vega FM stations in Sydney and Melbourne.